2025 Operational Highlights
In 2025, Guardforce AI advanced its AI transformation by launching self-developed AI agent solutions and driving expansion in smart solutions in Thailand. In the meantime, the Company further strengthened its Secured Logistics business by increasing its client retention rate and improving client mix.
Launched self-developed AI Agent, DeepVoyage Go ("DVGO"), an AI tool that helps create customized itineraries in minutes and converts individual experience into shareable digital assets, in April 2025 (beta) and publicly in January 2026. The platform enables intelligent decision-making, planning, and service matching—capabilities that are highly transferable to other sectors such as banking, hospitality, education, and healthcare.
In March 2026, acquired MGAI, a pioneer in AI-driven solutions for pediatric speech therapy and rehabilitation in Asia. This acquisition captures a validated market opportunity in this sector, with strong potential for cross-sector scalability and synergy.
Launched Smart Solutions in Thailand with over 13 retail store deployments in 2025 and established a partnership with an international chain retailer in 2026, extending services from cash management to integrated in-store asset and merchandise security.
Secured Logistics business revenue was increasingly driven by retail clients, reflecting a strategic shift from a bank-dominated to a more diversified customer base, enhancing business stability and supporting future growth.
Updated Business Metrics
Starting from 2025, we have introduced new business metrics to provide a more insightful and actionable understanding of our evolving business.
The current business metrics are:
AI, Robotics-as-a-Service (RaaS), and Smart Solutions (including Smart Cash Solution and Smart Retail Solution). This metric empowers business through technology upgrades, AI and Robotics.
Legacy Secured Logistics, which encompasses traditional services like cash management operations, coin processing, ATM management and others.
Smart Cash Solution has been reclassified from the Legacy Secured Logistics metric into the AI , Robotics-as-a-Service (RaaS), and Smart Solutions metric.
2025 Financial Highlights
Total Revenue Increased
Total revenue was $35,232,701, an increase of 8.0% compared to $32,635,191 for the year ended December 31, 2024.
The AI, RaaS, and Smart Solutions metric, which accounted for 13.4% of total revenue in 2025, grew at 15.3% during the year mainly due to increased demand by retail customers for Smart Cash Solution.
Legacy Secured Logistics metric, which accounted for 86.6% of total revenue in 2025, achieved 99.96% recurring revenue and grew at 6.9%, mainly due to growth of the Company's retail-focused service lines in Thailand.
Consecutive Gross Profit Grew
Gross profit, which has grown in each year since 2022, increased by $369,527, or 7.5%, to $5,285,668, compared with gross profit of $4,916,141 for 2024, with gross margin remaining stable year-over-year.
Net Loss from Continuing Operations Narrowed
Net loss for the year from continuing operations was $5,286,128, a 10.1% improvement on the $5,882,647 for this item in 2024.
Lowest Negative EBITDA since 2022
Negative EBITDA improved by approximately $753,233, or 23.3%, year-over-year, to negative $2,478,012 in 2025, compared to negative $3,231,245 in 2024, reflecting significant operational progress in 2025.
R&D Investment for AI Development Increased
Strategic R&D investment was $837,719, an increase of $448,831, or 115.4%, compared to $388,888 for 2024, reflecting the Company's commitment to advancing AI capabilities and product innovation.
Stronger Balance Sheet for Future AI Development
At December 31, 2025 and December 31, 2024, cash and cash equivalents was $24,545,290 and $21,936,422. This asset is mainly reserved for future AI investment, including R&D expenses, talent recruitment and strategic acquisitions.
Note: Certain figures from the Company's statement of operations for 2024 have been restated in order to present the results of discontinued operations separately from continuing operations. This restatement ensures comparability of continuing business performance across all periods presented.
Management Commentary and Future Outlook
"2025 was a pivotal year for Guardforce AI," said Chairwoman and Chief Executive Officer Lei (Olivia) Wang. "We accelerated the commercialization and revenue growth of our AI and Smart Solutions while maintaining a stable operating and revenue foundation for our Legacy Secured Logistics business. We also advanced AI application strategy through the launch of DVGO, extended traditional cash management services into broader in-store assets and merchandise security by implementing Smart Solutions, and continued to strengthen our retail customer base while sustaining our long-standing client relationships. These achievements reinforce the stability of our core business and create a stronger foundation for future solution-driven growth.
"Looking ahead to the remainder of 2026, we intend to pursue several strategic goals and create long-term value for investors. First, we will continue to deepen our investment in AI, leveraging DVGO as a core, technology-driven engine for organic growth, enabling us to achieve scalable market expansion across key verticals.
"Second, we will accelerate the expansion of Smart Solutions across our existing retail client base, leveraging long-standing trusted relationships to evolve from service delivery to trusted solution partnerships, thereby unlocking incremental revenue through customer-driven synergies.
"Third, following up our acquisition of MGAI in early 2026, we will continue to selectively pursue strategic mergers and acquisitions to expand our business roadmap, enhance capital efficiency and drive long-term value creation across our platform.
"Lastly, we will continue to enhance our operational efficiency by increasing investment in technology and strengthening our execution capabilities, driving sustainable cost optimization and improved operating income across all business segments."
Conference Call
Guardforce AI will host a conference call at 8:00 a.m. Eastern Time on Tuesday, April 21, 2026. The conference call will be available via telephone by dialing toll-free 1-877-407-0792 for U.S. callers or 1-201-689-8263 for international callers and entering access code GUARDFORCE AI.
A webcast of the call may be accessed at: https://viavid.webcasts.com/viewer/event.jsp?ei=1759794&tp_key=9ce7c9e4b1 or on the company's Investor Relations section of the website, ir.guardforceai.com/news-events/company-events.
A webcast replay will be available on this website through April 21, 2027 on the company's Investor Relations section of the website. A telephone replay of the call will be available approximately three hours following the call and may be accessed until April 28, 2026, at 11:00 a.m. ET by dialing 1- 844-512-2921 for U.S. callers or 1-412-317-6671 for international callers and entering access code 13760045.
About Guardforce AI Co., Ltd.
Guardforce AI (NASDAQ:GFAI, GFAIW)) is an AI-driven technology company with a solid operational foundation in the cash logistics and retail sectors. Through its proprietary Intelligent Cloud Platform (ICP), Guardforce AI delivers next generation smart solutions and AI applications spanning cash management, retail automation, robotics, and Agentic AI. Expanding into areas such as travel planning, the Company is demonstrating how scalable AI can drive industry transformation, balancing stable, recurring revenues with high-growth, future-ready innovations. For more information, visit www.guardforceai.com Twitter:
Safe Harbor Statement
This press release contains statements that do not relate to historical facts but are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and reports under the heading "Risk Factors" as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. Unless otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements, whether because of new information, future events or otherwise.
Guardforce AI Corporate Communications:Hu YuEmail: [email protected]
Investor Relations Inquiries:Skyline Corporate Communications Group, LLCScott Powell, PresidentOffice: (646) 893-5835 Email: [email protected]
Guardforce AI Co., LimitedConsolidated Statements of Profit or Loss(Expressed in U.S. Dollars)
For the years ended December 31,
2025
2024
2023
(Restated)
(Restated)
Continuing operations:
Revenue
$
35,232,701
$
32,635,191
$
32,649,834
Cost of sales
(29,947,033
)
(27,719,050
)
(28,513,107
)
Gross profit
5,285,668
4,916,141
4,136,727
Provision for expected credit loss on trade receivables and other receivables
(16,995
)
(210,437
)
(96,877
)
Allowance for expected credit losses on a related party receivable
-
-
(5,637,527
)
Impairment loss on goodwill
-
(30,575
)
(2,267,583
)
Impairment loss on intangible assets
-
(188,797
)
(3,713,551
)
Provision for withholding taxes receivable
(149,838
)
(4,339
)
(683,344
)
Provision for obsolete inventory
-
-
(3,797,552
)
Impairment loss on fixed assets
-
-
(3,682,789
)
Stock-based compensation expense
(1,350,800
)
(1,849,356
)
(1,101,800
)
Research and development expense
(837,719
)
(388,888
)
-
Selling, general and administrative expenses
(8,807,640
)
(8,950,790
)
(11,553,779
)
Operating loss
(5,877,324
)
(6,707,041
)
(28,398,075
)
Other income, net
133,253
353,822
437,608
Foreign exchange (losses)/gains, net
(19,825
)
5,760
305,026
Finance income/(costs), net
471,374
338,887
(652,517
)
Loss before income tax from continuing operations
(5,292,522
)
(6,008,572
)
(28,307,958
)
Provision for income tax benefit/(expense)
6,394
125,925
(434,320
)
Net loss for the year from continuing operations
(5,286,128
)
(5,882,647
)
(28,742,278
)
Discontinued operations:
Net (loss)/profit for the year from discontinued operations
(1,356,923
)
37,947
(847,104
)
Net loss for the year
(6,643,051
)
(5,844,700
)
(29,589,382
)
Net loss for the year attributable to:
Net loss attributable to equity holders of the Company
(6,657,185
)
(5,864,165
)
(29,571,661
)
Net profit/(loss) attributable to non-controlling interests
14,134
19,465
(17,721
)
Net loss for the year
(6,643,051
)
(5,844,700
)
(29,589,382
)
Loss per share
Basic and diluted loss attributable to the equity holders of the Company
$
(0.30
)
$
(0.53
)
$
(4.53
)
Loss per share
